Ashley discussed the finances and marriage along with the importance of sharing financial history, being open, honest and having a strategy. I totally agree and would like to add to her post here.
Fun (not so fun) Fact: Serious financial worries among couples are associated with increased hostility in husbands, increased depression in wives, and lower marital happiness in both husband and wives. Even when financial resources are plentiful, money can be a source of marital strain.
Growing up, neither of our families had much money at all. We grew up fully aware of the many things we could not have and more importantly, what we could live without. We took what we learned from our early years and went in complete directions, extreme direction. I’ll be discussing balance, support and smarts.
One extreme to another, it can be difficult to save money and/or experience life. Extreme Saver vs Extreme Spender. We balance each other out, it’s important to know when and why to spend/save money. Is it worth it? Communication is so important in creating financial balance. Talk to your spouse, open up and be able to talk to each other about what you want but also what you need.
Make it clear that you will stand by your significant other no matter what. My husband and I always say, “I’d live in a box if I had to, if it meant we were there together.” We encourage each other in our careers and have been able to open up to one another about troubles at work. Quitting jobs, new jobs, internships, lower pay, and less hours are all things you may experience in a marriage, especially a young marriage. No matter what, we support each other’s decisions and pick up slack for our spouse if need be.
Discuss what is important to each of you. Often times you’ll be faced with this or that situations, what you should or shouldn’t spend your money on, especially when it comes to unexpected expenses such as car troubles, college, babies and all those surprises! Be smart about what you should and shouldn’t spend your savings on.
Every marriage is different, some people have separate bank accounts as well as a joint account, some keep only separate accounts and others have a joint account and a joint savings account. No matter how you store your finances know that it’s our money not my money. These words could cause a lot of trouble in a marriage and can turn an disagreement from bad to worse.